Redwood Investment Management LLC Invests $1.43 Million in Planet Fitness, Inc. (NYSE:PLNT)

Redwood Investment Management LLC acquired a new position in Planet Fitness, Inc. (NYSE:PLNT) in the fourth quarter, HoldingsChannel reports. The institutional investor acquired 14,432 shares of the company’s stock, valued at approximately $1,427,000.

Several other institutional investors also recently bought and sold shares of PLNT. T. Rowe Price Investment Management Inc. boosted its position in Planet Fitness by 48.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 7,911,081 shares of the company’s stock valued at $782,169,000 after buying an additional 2,570,826 shares during the period. Ninety One UK Ltd acquired a new stake in shares of Planet Fitness in the fourth quarter worth $130,376,000. Norges Bank acquired a new stake in shares of Planet Fitness in the fourth quarter worth $100,009,000. Nomura Holdings Inc. boosted its holdings in Planet Fitness by 103.4% during the fourth quarter. Nomura Holdings Inc. now owns 11,170 shares of the company’s stock worth $1,104,000 after buying an additional 340,370 shares in the last quarter. Finally, Invesco Ltd. raised its position in Planet Fitness by 199.7% during the fourth quarter. Invesco Ltd. now owns 482,732 shares of the company’s stock worth $47,728,000 after acquiring an additional 321,644 shares during the period. 95.53% of the stock is owned by hedge funds and other institutional investors.

Planet Fitness Trading Up 0.1%

Shares of NYSE PLNT opened at $98.02 on Friday. Planet Fitness, Inc. has a twelve month low of $60.56 and a twelve month high of $110.00. The company has a market capitalization of $8.30 billion, a price-to-earnings ratio of 52.70, a PEG ratio of 2.45 and a beta of 1.33. The firm has a 50-day moving average of $96.35 and a two-hundred day moving average of $98.06.

Planet Fitness (NYSE:PLNT) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.03). Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. The company had revenue of $276.66 million during the quarter, compared to analysts’ expectations of $279.80 million. During the same period last year, the company earned $0.53 earnings per share. Planet Fitness’s revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, research analysts predict that Planet Fitness, Inc. will post 2.51 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $120.00 price target on shares of Planet Fitness in a research note on Monday, February 24th. Roth Mkm reiterated a “buy” rating and set a $115.00 price target (up from $110.00) on shares of Planet Fitness in a research report on Wednesday, February 26th. Morgan Stanley raised their price objective on shares of Planet Fitness from $111.00 to $112.00 and gave the company an “overweight” rating in a research note on Friday, May 9th. Guggenheim reiterated a “buy” rating and set a $110.00 price target on shares of Planet Fitness in a report on Monday. Finally, BMO Capital Markets raised their target price on Planet Fitness from $100.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday, March 31st. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $103.00.

Planet Fitness Company Profile

Planet Fitness, Inc, together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness brand. The company operates through three segments: Franchise, Corporate-Owned Stores, and Equipment. The company is involved in franchising business in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia.